Chemung Financial (NASDAQ:CHMG) Shares Cross Above 200 Day Moving Average - Here's What Happened

Shares of Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $47.58 and traded as high as $51.63. Chemung Financial shares last traded at $51.60, with a volume of 16,076 shares.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods cut their price objective on shares of Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a report on Tuesday, April 22nd. Piper Sandler cut their price target on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd.

Chemung Financial Price Performance

The stock has a market capitalization of $250.90 million, a P/E ratio of 11.05 and a beta of 0.37. The business's 50 day simple moving average is $47.79 and its two-hundred day simple moving average is $47.66. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its earnings results on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.04. The firm had revenue of $25.71 million during the quarter, compared to the consensus estimate of $25.90 million. Chemung Financial had a net margin of 14.95% and a return on equity of 10.47%. As a group, sell-side analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's payout ratio is currently 27.00%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its position in Chemung Financial by 104.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock valued at $83,000 after purchasing an additional 869 shares during the period. Nuveen LLC purchased a new stake in shares of Chemung Financial in the 1st quarter worth about $228,000. Jane Street Group LLC purchased a new stake in shares of Chemung Financial in the 1st quarter worth about $255,000. Wells Fargo & Company MN grew its position in shares of Chemung Financial by 8.2% in the 4th quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock worth $268,000 after buying an additional 416 shares during the period. Finally, Modern Wealth Management LLC purchased a new stake in shares of Chemung Financial in the 1st quarter worth about $290,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

About Chemung Financial

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.